Having established above the 1.6800 level, the GBP/USD 4 hour chart shows a strong upward momentum coming from technical readings, while price broke above its 20 SMA now turning higher around 1.6740. Nevertheless, the 1.6820 year high offers for now strong intraday resistance, and if above, next level to watch comes at 1.6872, November 2009 monthly high. There’s not much in between this last and the 1.7000 key figure, probable target on a close at fresh year highs.
To the downside, the immediate support comes around 1.6770/80 where the pair presents some intraday highs and if below 1.6720 comes next. Anyway, buyers will likely surge on retracements, preventing price to reach this last.
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